Tips on Choosing the Right Carson Valley Lender According to Real Estate Agent Richard Campbell
The good news is that many of the less than scrupulous lenders out there have gone away thanks to the natural selection of the free marketplace. That fact together with tighter regulations and oversight, should help to encourage a much safer environment for borrowers to make decisions in. The bad news is that separating the good from the bad is not always a simple task.
Everyone wants to live the American dream of owning their own home, but we also want to make sure that we don't get in over our heads as many did during the past five years or so. With foreclosures rates going through the stratosphere you have to be careful who you are working with and what you are signing on for. According to the advice of Richard Campbell, choosing a lender is very important.
Finding a lender is not hard: between the internet, billboards and TV ads they are everywhere. In fact, the right lender is almost as important as the right home. So how do you choose which is the right one for you? For that, you will need to do some homework.
When you are weeding out some of the competition it's a good idea to stay local. There are a multitude of lenders online that can help you, but you need to remember geography. If you have a problem will you be able to walk into their office? Also, a lender in another state may be certified to write loans in Nevada, but can you be sure that they are completely up to date on all of your state specific guidelines? If you are comfortable enough then work with them. But when you are securing financing you really need to be certain.
Watch out when shopping for rates. Watch out for verbal promises, they aren't worth the paper they are written on! Lenders cannot effectively quote you rates until they have reviewed your credit rating and your income and debt. Anyone who throws numbers at you before they have done their work is not worth talking to. If they will lie to you up front what else will they lie about?
Make sure whomever you pick gives you everything in writing. Lenders may not always remember every conversation. Remember: you are only talking to one lender, but they are talking to possibly dozens of clients. Having it written down will help avoid any confusion on both parties. A mistake may be an honest one, but the consequences will be just as real.
In the end, choosing a good lender boils down to just using some good old common sense. Word of mouth from other happy borrowers, Realtors, and friends are a huge plus, but don't forget to do your homework. Ask the right question and get any promises in writing.
For more information on finding the right lender for your needs, and a free list of Caron Valley lenders visit premiernevadahomes.com or call Richard Campbell directly at (775) 901-0761. I am always here to answer your questions!
